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ANALYSIS <br /> <br />General Fund Highlights <br />The General Fund’s fund balance increased by $3,934,438 from $28,438,071 at 6/30/16 <br />to $32,372,509 at 6/30/17. <br /> <br />Revenues <br /> <br />Budgeted Revenue Actual Revenue Variance -$- Variance -%- <br /> <br />$125,867,230 $129,622,688 $3,755,458 3.0% <br /> <br />General Fund Revenue Comparison (FY 2015-16 to FY 2016-17) <br />FY 2015-16 <br />Actual Revenue <br />FY 2016-17 <br />Actual Revenue <br /> <br />Change -$- <br /> <br />Change -%- <br />$118,435,016 $129,622,688 $11,187,672 9.4% <br /> <br />The revenue increase this fiscal year is primarily due to an increase in property taxes, <br />licenses and permits, and the inclusion of right-of-way rents received from the Water <br />and Sewer Fund. Previously, this right-of-way rent revenue was eliminated from the <br />presentation of the General Fund financial statement. <br /> <br />Below are a few of the General Fund revenue highlights: <br /> <br />· Property taxes exceeded prior year by $4.6 million, primarily due to growth in <br />assessed value. The City received a $4.9 million payment from the County of San <br />Mateo due to the over-deduction of Education Revenue Augmentation Fund monies <br />from the City in prior fiscal years. This $4.9 million payment was more than the prior <br />fiscal year amount by $132,000. <br />· Sales and other taxes decreased by $220,000, primarily due to a $489,000 decrease <br />in locally generated sales tax. <br />· Licenses and permits revenue increased $534,000 due to an increase of building <br />permits issued. <br />· Right-of-way rents received from the Water and Sewer Funds amounted to $4.1 <br />million. In prior fiscal years, these rents were shown as a net against expenditures, <br />as opposed to reporting them as separate revenue line items. <br />· Charges for current services increased by $1.8 million, primarily due to plan check <br />fees increasing $918,000 and recreation program revenue increasing by $525,000. <br /> <br />The City continues to rely very heavily upon property and sales taxes (exclusive of <br />proposition 172 sales tax revenue), as 57.6% of the General Fund revenue is derived <br />from these two sources. Sales taxes provided 17.2% of General Fund revenue while <br />property taxes accounted for 40.4% of General Fund revenue. <br />6.1.E. - Page 2